Important update — July 2023: The Financial Conduct Authority's Consumer Duty took effect on 31 July 2023. Consumer Duty builds on and goes beyond the original "Treating Customers Fairly" (TCF) six outcomes. Our full and current commitments now sit in our TCF & Consumer Duty Policy — please read that page for the regulatory framework that applies today. This page is retained for historical reference and as a plain-English summary of how we treat customers in our day-to-day operations.
At Mercury Vehicle Solutions we are committed to giving you excellent customer service and treating you fairly. We are fully committed to providing the highest standards of client service and advice. We never forget that you have a choice of supplier and we are grateful that you have chosen us.
Treating Customers Fairly (TCF) was one of the FCA's key principles for ensuring fair treatment of customers across the financial services industry. It has been carried forward and strengthened by the FCA's Consumer Duty (Principle 12 and PRIN 2A), which has applied to firms providing products and services to retail customers since 31 July 2023 (and to closed products from 31 July 2024).
The six original TCF outcomes
For historical reference, the six TCF outcomes were:
- Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
- Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
- Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
- Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
- Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
- Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
Under Consumer Duty, these principles are now expressed as four outcomes (products and services; price and value; consumer understanding; consumer support), supported by three cross-cutting rules (act in good faith; avoid foreseeable harm; enable customers to pursue their financial objectives). Our TCF & Consumer Duty Policy sets out how we apply these in detail.
How we treat customers fairly in day-to-day operations
We continually aim to understand the needs of our clients.
We ensure that the marketing of our products is appropriately targeted, clear, not misleading, and highlights the risks and conditions as well as the key features and benefits of a product.
We make certain our clients understand th